KL NEWS NETWORK
SRINAGAR
To mitigate the hardships being faced by the employees of HMT Watches Ltd, HMT Chinar Watches Ltd and HMT Bearings Ltd, the Cabinet Committee on Economic Affairs has given its approval for offering attractive VRS / VSS packages at 2007 pay scales.
Chaired by the Prime Minister Narendra Modi, the Cabinet Committee has decided to dispose of the movable and immovable assets of the companies as per the Govt policy.
“With a cash assistance of Rs. 427.48 crore, the three loss making subsidiaries of HMT Ltd. namely HMT Watches Ltd,, HMT Chinar Watches Ltd., HMT Bearings Ltd., will attain closure after separation of about a thousand employees through attractive VRS /VSS and settlement of their dues,” the reports said.
There are 31 CPSEs under the Department of Heavy Industry engaged in manufacturing, consultancy and contracting services. Out of these, 12 are making profits. The remaining 19 CPSEs are incurring losses.
